BOT Guidelines for Blockchain Adoption Exclude Cryptocurrency Payments

Blockchain adoption in Thailand’s financial services is complex as the Thai Central Bank’s endorsement of the technology excludes payments via cryptocurrencies. Some Thai gamblers look for online gambling sites that accept cryptocurrency as a means to maintain anonymity. However, they would have to search long and hard as local financial service providers have to comply by the guidelines recently released by the Bank of Thailand (BOT),

Although Thai citizens are not restricted from trading with digital coins at international crypto exchange sites, the country’s BOT does not support such transactions locally. Being the enforcer of financial services regulations, the BOT wants to make it difficult for Thai financial service providers to handle blockchain transactions involving cryptocurrency payments.

Type of BlockchainTechnology Adoption Supported By Thai Government

In early August of this year, the BOT published a set of guidelines that domestic financial institutions, bank conglomerates operating in Thailand, non-bank fintechs and payment processors, must comply with in line with blockchain technology adoption.

BOT’s Blockchain Technology Guidelines indicate that blockchain supported financial activities are limited to international remittances, transaction verification, development projects for financial infrastructure and electronic Letters of Guarantee. The published guidelines reiterated the BOT’s previous declaration that it does not support financial services that facilitate cryptocurrency payments.

Actually, Thailand along with several other Asian countries followed suit to China’s mandatory restrictions on highly speculative cryptocurrency trading activities that have been taking place in Europe and in the U.S. The restriction includes the emerging non-fungible tokens (NFTs) that have gained traction as an alternative digital asset investment for trading/

That is why searching for an online gambling platform in Thailand that locally processes deposits and winnings in cryptocurrency is akin to looking for the proverbial “needle in a haystack.” Thai Gamblers would have more luck with discovering what they call คาสิโนออนไลน์ได้เงินจริงฝากขั้นต่ํา100, which refers to real money online casinos that accept minimum deposit of 100 baht.

Status of Online Gambling in Thailand

Online gambling in Thailand is still illegal, as proposals to legalize casino gambling have had no progress beyond the usual debates over the pros an cons of legal gambling. Although Thai Prime Minister Prayut Chan-o-cha announced in January 2021 that he is open to holding public discussions about the matter, the office of the PM has yet to disclose new developments.

Yet there is no clamor coming from Thai’s betting public despite the widespread gambling activities taking place across the country. PM Chan-o-cha’s concern that illegal gambling is flourishing in the country, while the government spends resources on crackdowns against illicit gambling dens and remotely operated online casinos and sports books.

Although online gambling is regarded as illegal under Thailand’s gambling laws, many of the online gambling sites used by local Thai gamblers are legal entities licensed and supervised by international gambling regulators, It does not come as a surprise that avid gambling enthusiasts in the country are not rallying behind calls for legal casino gambling.

After all, there are now online casinos and sports betting sites that offer games and services via mobile applications, whilst using Virtual Private Networks (VPNs). Moreover, content and customer service support are accessible in Thai language,

Profile of the Blockchain Technology in Thailand

Use of blockchain technology and cryptocurrencies have gained popularity in Thailand, one of the first countries in Southeast Asia to enact cryptocurrency laws. Putting in place regulatory guidelines has made it possible for Thailand’s many industries to attract cryptocurrency investors. In a country that prohibits gambling activities, the adoption of blockchain technology has somehow helped the country’s underground gambling industry to thrive.

 

Thailand’s cryptocurrency legislations, regulate the introduction of a digital asset that can be used as mode of payment in crypto-related businesses.The regulatory laws on cryptocurrencies also focus on measures that aim to enhance the security of cryptocurrency trading; initially addressing fraudulent investment schemes and manipulation of prices in asset exchanges.

The laws have since evolved to include the Initial Coin Offerings (ICO) of those looking to raise money by offering new digital coins, applications and exchange services by way of blockchain technology, usually as payment for a specific type of commodity or service.

Those who would be interested to invest in the new cryptocurrency are consumers who find it useful in acquiring the products and services that utilize digital coin. All transactions will then be recorded, processed and completed by way of blockchain technology, which eliminates the need to pay traditional service fees charged by banks and other financial service institutions.

Overview of How Blockchain Technology Operates as Platform for Digital Transactions

A blockchain is a form of ledger for digital transactions, which are recorded in block formats; creating a chronological chain of encrypted, time-stamped information pertaining to the distribution of the digital coin among its network of users. Every block added to the blockchain ledger is transparent, permanent and cannot be changed. No one among the network of users can have control of the blockchain ledger, while all network users can view the ledger transactions.

All aspects of the transactions recorded are encrypted, from the identity of the product or service supplier and purchaser, to the quality, the price and other specific elements agreed to by the transacting parties; whilst indicating the time and location of when and where the transaction transpired.

A supplementary documentation called “smart contract” may be executed to trigger automated payment in accordance with the terms and conditions agreed to by the contracting parties. The smart contract facilitates the completion of purchase orders and acquisitions in the supply chain, without delay and free of errors.

The design and features of blockchain technology have encouraged many companies in Thailand to adopt the system. It also presents an attractive option to customers who wish to remain anonymous via the security of the encryption method of recording all transactions.

Adoption of Blockchain in Thailand’s Underground Gambling Industry

Actually the use of the blockchain technology has been particularly useful for many operators of gambling establishments. However, many have the misconception that blockchain is synonymous with bitcoin and its significance as a lucrative financial trading option.

Although barriers relating to the widespread adoption of cryptocurrency in gambling activities exist, the blockchain technology has strengthened the security features desired by Thai gambling enthusiasts, especially sports bettors.

While the use of the Virtual Private Network (VPN) technology provides protection against detection for Thai sports bettors who สมัครเว็บบอล (apply for football betting line), the blockchain platform ensures the same protection for all transactions related to the sports betting activities of individual customers.

Know How Bitcoin Gambling Works in Traditional and Bitcoin Only Casinos

Using bitcoin (BTC) as mode of payment has attained a high level of popularity since nowadays, a single BTC commands a high price value of more than $50,000. That is why it’s not surprising at all why seasoned gamblers consider it more exciting to play at bitcoin casinos. Still, if you’re still contemplating on using bitcoin for your online gambling recreation, it would be best to first find out how bitcoin gambling works before doing so.

Difference on How Bitcoin Gambling Works in Traditional Online Casinos and in Bitcoin Only Casinos

Actually, there are two types of bitcoin casinos, the traditional online casinos that accept cryptocurrencies as a deposit option and the Bitcoin Only casinos that transact purely with bitcoins.

Bitcoin Gambling in Traditional Online Casinos

Traditional online casinos are leveling up by accepting cryptocurrencies as payment, to which the option includes not only bitcoins but also other popular digital money like ethereum and litecoin. The Slot Buddy online casino review site provides a list of reputable traditional online casinos accepting cryptocurrencies, which can be viewed in this page https://theslotbuddy.com/ .

In traditional online casinos that accept bitcoins as banking option, the bitcoin deposited will be converted into a fiat currency selected by the player. The corresponding value will then be reflected as account deposit. This denotes that all bets placed as wagers will be limited up to the value of the selected fiat currency. Winnings and losses will likewise be added or subtracted to one’s playing account in the same fiat currency.

If a player wants to withdraw funds, the amount withdrawn should be sufficient to allow conversion of fiat currency into BTC. Otherwise, the withdrawal request cannot be processed. If the remaining deposit balance cannot converted into bitcoin, the player has no other recourse but to continue gambling. and perhaps gain additional credits that would enable him to withdraw in cryptocurrency.

The conversion rate used for the withdrawal will be based on the same rate used when the digital money was deposited.

Gambling in Bitcoin Only Casinos

Inasmuch as Bitcoin Only Casinos accept only BTCs as deposit. All wagers, winnings, losses and withdrawal of funds will be in BTCs, since no conversion transaction transpired at all. Moreover, these type of casinos keep their requests for personal information at a minimum, whilst allowing players to engage in online gambling activities with utmost discretion.

Usually, an email address is required in the event that password recovery is requested, while some form of identification will be needed as requisite for processing of a request for BTC withdrawal.

Yet the most important difference between a traditional bitcoin online casino and Bitcoin Only casino is that with the latter, the operator uses a proprietary online gambling software that discloses how their online gambling algorithms work. The purpose of which is to gain the confidence and trust of bitcoin gamblers in playing at their Bitcoin Only site.A peer-to-peer assessment can be performed through the use of a gaming technology known as Provably Fair.

Provably Fair Gaming Technology is available by default in all trustworthy Bitcoin Only Casinos, as it offers protection for their players. It is actually the gold standard as far as Bitcoin Only Casinos are concerned. Mainly because the technology gives players the ability to check, if the outcome of their games were achieved under fair gaming conditions.

Despite UK’s 2nd National Lockdown Elite Sports will Remain Unaffected

UK Prime Minister Boris Johnson has placed the country under another national lockdown to last until the end of February, 2021, under 4-tier lockdown rules. It’s quite interesting that the 4-tier lockdown restrictions exclude participants in “elite” sports. Stay-at-home mandates exempt not only players but also employees of firms that provide products or services that allow elite sports teams to carry on with their closed-door matches.

Premier League Assures Football Fans There’ll be No Pause

Through a statement released as early as December 30, 2020, the Premier League has made it clear that there are no discussions about pausing the ongoing season playoffs.

Both the FA Cup and the Premier League and FA Cup will continue during the new national lockdown, being among those classified as elite sports exempted under the Tier 4 rules, where it states the sporting franchise classified as “elite” sport is granted an exemption from the lockdown mandate.

The decision stays in place despite the increasing number of cases in the camps of several football clubs. In fact, outbreaks in the Everton and Manchester City clubs in the past weeks resulted in the postponement of their fixtures. Yet, this has not deterred the Premier League from continuing with the top level football games held behind closed doors.

According to league officials, they have already instituted rigorous testing procedures and other mitigation measures to enhance social distancing, for them to avoid suspending the season playoffs for a second time.

Prior to PM Johnson’s announcements and amid speculations of a second national lockdown, the Premie League already had confidence that they have the government’s support in case they will insist to continue. In October, the British Minister said he can say yes to the Premier League in the event that a second national lockdown takes effect.

The Secretary of State for Digital, Culture, Media, and Sport, Oliver Dowden himself, publicly confirmed that elite sporting activities would not be forced to stop. While people employed in organizations where work-from-home is possible will perform work at home; while those constrained to report for work will be given permission to travel. To which the Secretary cited as examples, elite sports players, crew members, and workers of telecommunication networks, as well as film and TV production outfits.

Online Sports Betting Sites Heave a Sigh of Relief

Online sports betting sites are of course appreciative of the Premier League’s steadfast decision, as that would mean their sportsbook can likewise continue to include the Premier League fixtures in gambling markets. Football betting on UK’s top-level games is still the most sought after, not only among the UK and European betting sites but also in Asia.

In fact in Indonesia, Bwin-Bet65’s soccer betting remains accessible to Indonesian punters, through local agents who maintain judi bola websites that can connect to the UK’s sports server.